Palantir Technologies Inc (PLTR.O): Commercial Demand Inflects In Impressive Q2

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Palantir Technologies Inc (PLTR.O): Commercial Demand Inflects In Impressive Q2

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04 Aug 2026 01:09:09 ET │ 17 pages

Palantir Technologies Inc (PLTR.O)

Commercial Demand Inflects In Impressive Q2

CITI'S TAKE

Buy / High Risk Palantir defied the skeptics in Q2, with a significant beat/raise featuring

total revenue growth accelerating to 93% and U.S. Commercial revenue, Price (03 Aug 26 20:00) US$144.45

TCV and RDV all reaching new highs. Profitability set new records, with a Target price US$245.00↑

155% Rule of 40 score and 63% adj-FCF margins. Total revenue guidance from US$200.00

was raised by $500M for the full year with a significant lift to U.S. Expected share price return 69.6%

Commercial growth guidance from 120% to 134%. The results further Expected dividend yield 0.0%

weaken the bear case around rising AI competition. Palantir increasingly

Expected total return 69.6% appears to be benefitting from enterprise demand for “AI sovereignty”

Market Cap US$346,292M with use cases around model evaluation, fine-tuning, as opposed to

traditional data integration. On the back of stronger bookings, backlog

and guidance, we are taking estimates materially higher, with our 2026

revenue estimate increasing 9 points and our five-year CAGR rising 8 Tyler RadkeAC

points. Our TP moves to $245 from $200, which implies 67x FY28E +1-415-951-1660

EV/FCF or ~64x FY28 P/E tyler.radke@citi.com

Yitchuin Wong

Blowout 2Q Print — Palantir delivered another blowout Q with total revenue yitchuin.wong@citi.com

coming in ~8 pts above the midpoint of guidance and revenue growth of 93% likely

above the high-end of investor expectations driven by US growth in Commercial and Peter Griffith

Government. Government performance was exceptional with revenue growth peter.griffith@citi.com